Ramazan Eles 
Forget “monkey JPEGs” – NFTs are poised to disrupt industries and empower individuals, argues Yat Siu, founder of Web3 giant Animoca Brands. In a recent interview, Siu dives deep into the potential of non-fungible tokens (NFTs) and how they represent the foundation of a new, democratic digital capitalism.
While the NFT market has cooled from its 2021 frenzy, Siu sees this as a positive shake-out, weeding out speculators and leaving behind those who truly believe in the technology’s potential. He emphasizes the core value of NFTs: digital ownership. This opens doors to revolutionary changes in various sectors, from education to gaming.
Imagine: teachers selling their educational content directly through NFTs, bypassing traditional publishing houses and earning directly from their work. Siu’s company, TinyTap, exemplifies this with its platform empowering educators to monetize their content, especially in regions with limited opportunities.
But NFTs are more than just money-making tools. Siu views them as the building blocks of a more equitable and financially literate society. He sees a strong correlation between digital capitalism, as embodied by NFTs and blockchain, and a healthy democracy. He argues that property rights and a capitalist foundation are essential for democracy to flourish.
However, Siu acknowledges the negative perception of NFTs, particularly in the US. He blames this on a lack of understanding and emotional reactions to the financial aspects of NFTs. He stresses the need for education to bridge this gap and address these perceptions.
Interestingly, Siu sees the rise of inequality as a factor driving the popularity of NFTs and blockchain in Asia. He views these technologies as a way to empower individuals and bridge the wealth gap. However, he cautions against the dangers of extreme left-wing ideologies, which he sees as a threat to democracy.